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Today we are combining two traditions—one old, one new. The older tradition, which goes back more than a decade, sees the Bank of Canada Governor talk about the state of our financial system in a year-end speech in Toronto. The newer tradition, which started earlier this year, is to offer an Economic Progress Report four times a year, following the interest rate announcements that do not come with our Monetary Policy Report (MPR), like yesterday’s.
My motivation for combining these two traditions is more than just trying to raise productivity. Ten years ago, the global financial crisis gave us the preconditions for a repeat of the Great ... (full story)